CHAPTER 338
EQUITY LEVY ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Functions and powers of Commissioner-General

   4.   Equity levy

   4A.   Exemptions

   5.   Payment of equity levy

   6.   Penalty for late payment

   7.   Recovery, etc. of equity levy

   8.   Offences

   9.   Regulations

AN ACT

to provide for payment by parastatal companies of equity levy instead of income tax where the tax chargeable under the Income Tax Act is of a lesser amount than the equity levy; and to provide for matters connected with or incidental to the foregoing.

[8th April, 1982]

Act 11 of 1982,

Act 8 of 1983,

Act 10 of 1985.

1. Short title

This Act may be cited as the Equity Levy Act.

2. Interpretation

   (1) In this Act, unless the context otherwise requires—

“charge year” shall have the meaning ascribed thereto in the Income Tax Act;

“Commissioner-General” means the Commissioner-General appointed under the provisions of the Zambia Revenue Authority Act;

“equity” means such portion of the share capital of any parastatal company as relates to the shares held directly or beneficially by the Government;

“equity levy” means the levy referred to in section 4;

“parastatal company” means a company registered under the Companies Act in which the Government holds, directly or beneficially, fifty per centum or more shares.